Gate News: News, Dallas-based bitcoin asset manager Strive (ASST) has set a new high for the daily trading volume of its bitcoin preferred shares SATA since it began trading on the market in September 2025. Its daily trading value is approximately $43 million, more than 7x that of comparable preferred shares from JPMorgan. SATA has a par value of $100, with a floating dividend rate set at 12.75%, and its trading price has remained stable for a long time within the $99 to $101 range.
Chief Risk Officer Jeff Walton emphasized that SATA achieved a cumulative trading value of $1.28 billion within 104 trading days, while JPMorgan’s PD series preferred shares took 515 trading days to reach the same level. This highlights that even bitcoin preferred shares with a smaller scale and limited holdings can draw concentrated attention from institutional investors. Analyst Zynx noted that SATA’s high trading volume is closely related to its narrow trading price range and its structured design for regular dividends, and it also makes SATA more capital-efficient than Strategy’s STRC series.
As of April 1, 2026, Strive has purchased 13,628 bitcoins and obtained an additional 5,048 bitcoins through a stock-for-stock acquisition of Semler Scientific, further solidifying its position among the top ten in the industry by public holdings. Nearly all purchases were completed through preferred-share financing, avoiding debt or dilution of common stock, showing the unique value of bitcoin preferred shares as a financing tool.
Analyst Grain of Salt said that SATA’s bitcoin trading volume per share is about 7x Strategy’s, indicating that even small preferred shares can generate significant market activity. Whether more issuers join the bitcoin preferred share market in the future will directly affect the liquid bitcoin supply and the industry structure. Strive and Strategy are still the major players in this space, and the preferred-share model may become an important tool for companies to expand their bitcoin holdings.
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